Here's why the purpose of your personal loan matters

While personal loans can be used for a wide range of purposes, lenders typically ask about your intended use of the funds — and that information plays a bigger role than you might realize. Your reason for borrowing can impact not only your chances of approval but also your loan amount, interest rate, and repayment terms. Here's more on how the purpose of your loan can affect the borrowing process. Why lenders care about your personal loan’s purpose While you can use a personal loan for almost anything, ...